SHANGHAI: Profits at China's industrial firms in May rose 6% year-on-year to 582.3 billion yuan ($82.28 billion), the statistics bureau said on Sunday.
Business activity in China is clearly improving after tough coronavirus containment measures that led to weeks of near-paralysis in the world's second-largest economy.
Despite May's earnings growth,"market demand remains relatively weak amid the epidemic, and sustainability of the profit recovery deserves further observation," Zhu Hong, senior statistician at the statistics bureau said in the statement. For the first five months of 2020, industrial firms' profits fell 19.3% from the same period last year to 1.84 trillion yuan.
Zhu also attributed May's profit growth to easing cost pressures, improving profit margins, positive impact from policy stimulus and much higher investment returns.
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